Altcoin Rally Expected as Bitcoin Halving Approaches, Analysts Predict

Crypto expert Dan Gambardello highlights the promising weekly charts of Cardano, Gala, Avalanche, and MultiversX. These altcoins are mirroring patterns observed before previous Bitcoin halving events and the ensuing altcoin seasons. Gambardello anticipates a potential rally in altcoin prices, while Jason Owen suggests caution due to ADA's bearish head and shoulders pattern on the daily chart. Since the start of 2024, the selected altcoins have exhibited strong upward momentum with minimal setbacks.

Altcoin Analysts Forecast Surge ahead of Bitcoin Halving and Altcoin Season

Dan Gambardello, the esteemed founder of Crypto Capital Venture, has drawn attention to the weekly price charts of four altcoins: Cardano (ADA), Gala (GALA), Avalanche (AVAX), and MultiversX (EGLD).

According to Gambardello's assessment, these altcoins exhibit striking similarities in their weekly trajectories, mirroring patterns observed before previous Bitcoin halving events and the subsequent altcoin seasons. "Just getting started," Gambardello intimated, suggesting a potential rally in altcoin prices.

However, crypto enthusiast Jason Owen cautioned in his response that the weekly chart of ADA presented a more favorable outlook compared to its hourly chart, which displayed a head and shoulders pattern on the daily timeframe.

The head and shoulders pattern, characterized by a central "head" flanked by two lower "shoulders," is typically interpreted as a bearish indicator. It suggests a potential trend reversal, with prices likely to decline until the pattern is broken.

Despite the bearish implication of the head and shoulders pattern on ADA's daily chart, the price action of the four altcoins analyzed by Gambardello exhibited a robust upward trend since the beginning of 2023. While encountering modest retractions, they have consistently regained momentum.

Gambardello's findings resonate with those of renowned Bitcoin analyst Michaël van de Poppe, who recently highlighted ten altcoins worthy of investment ahead of the anticipated altcoin season. Among these altcoins are Chainlink (LINK), Celestia (TIA), and Polkadot (DOT).

As the halving event for Bitcoin approaches, investors are scrutinizing the potential trajectories of altcoins. The historical correlation between Bitcoin halvings and subsequent altcoin seasons has piqued interest, leading analysts to anticipate a potential surge in the prices of these alternative cryptocurrencies.